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Guild Project
The Guild Property is located approximately 120 kilometres (74.5 miles) northeast of Tonopah, in Nye County, Nevada. Subject to third party net smelter returns royalties, the Guild Property is 100% controlled by Columbus.
In November 2006, Columbus Gold entered into an agreement with Sniper Resources Limited whereby Sniper can earn an initial 51% interest in Guild by incurring US$2 million in exploration expenditures over a five year period.
Geology
Carlin-style gold mineralization is the target at Guild where a silicified ledge in Ordovician limestone carries gold values (thirty samples average 1.9 g/t (0.054 opt) gold) over 55 metres (180 feet) of its 700 metre (2,300 ft) total strike length.
Past Work
Guild has had previous drilling by Amselco and Western States Minerals, however, most of the drill holes were less than 50 metres (150 feet) in depth.
The identification of Carlin-type mineralization in this area led Columbus to additional prospecting and the eventual acquisition of a land position. A number of untested drill targets have been identified from geochemical sampling and mapping programs. The principal target is an ore-controlling structure which extends for 1.6 km (1 mile) under shallow post-ore cover between the main Guild gold showing and a jasperoid in an area to the south. In addition, the Mississippian Webb Formation is present in the south end of the block (host for the Rain, Dee, and various other Nevada disseminated gold mines). Preliminary reconnaissance has recently found hydrothermal alteration in the form of silicification and barite veining in the Webb.
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